Carmel announces $45 million Midtown project

Two developers plan to build a $45 million mixed-use project in the emerging Midtown development on the former site of the Carmel Street Department.

Carmel-based Old Town Design Group and Indianapolis-based Barrett & Stokely bought the 6-acre site west of the Monon Greenway for $1.7 million from Carmel and the Carmel Redevelopment Commission.

The project, announced by the city Monday, will include two buildings with 200 apartment units, 50 condominiums, a rooftop swimming pool and a first-floor restaurant. The two buildings potentially could be linked by a skybridge over Fourth Street.

Justin Moffett of Old Town Design Group said the developers likely will seek tax incentives to build a 550-space parking garage. Property taxes collected from the project over time would pay back the cost.

Construction likely will start in 2016.

Mayor Jim Brainard long has touted Midtown as the next phase of Carmel’s redevelopment, linking the City Center and the Arts & Design District.

This fall, Old Town Design Group will start a sister project on 11 acres east of the Monon.

The $150 million project includes apartments, condos, office space, retail space, two parking garages and a town square for public events.

Last week, Moffett announced the first tenants. The Edison Business Lounge and Vintage Coffee/Wine Bar will open in a $16 million building.

Carmel-based Pedcor controls options to develop more land along the west side of the Monon as a future phase of Midtown, but its plan to develop the property stalled in 2013.

In June 2013, the City Council quashed a proposal to allow Pedcor to apply for $25 million in state tax credits toward a $100 million project in Midtown that would have included an artsy water tower as the focal point in a diamond-shaped public space.

Call Star reporter Chris Sikich at (317) 444-6036. Follow him on Twitter: @ChrisSikich.